The German IFO, the French Insee and the Italian Istat institutes said in its survey on Tuesday that the economy in the Eurozone is expected to continue to recover moderately. Real gross domestic product (GDP) is expected to rise by 1.5% in 2015, and by 0.4% in the first and second quarter of 2016. The growth will be driven by private consumption.

According to IFO, Insee, and Istat, inflation in the Eurozone is expected to be 0.5% year-on-year in the first quarter of 2016 and 0.4% year-on-year in the second quarter of 2016. Low energy prices weigh on inflation.

Downside risks to the Eurozone's economy are geopolitical tensions in the Middle East and the ongoing structural transformation of the Chinese economy, the survey said.